BMO Capital Markets Cuts TrueBlue (NYSE:TBI) Price Target to $10.00

TrueBlue (NYSE:TBI) had its target price dropped by stock analysts at BMO Capital Markets from $11.00 to $10.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the business services provider’s stock. BMO Capital Markets’ target price suggests a potential upside of 41.44% from the company’s current price.

Separately, StockNews.com downgraded shares of TrueBlue from a “hold” rating to a “sell” rating in a research note on Tuesday, August 6th.

TrueBlue Stock Down 7.7 %

Shares of NYSE TBI traded down $0.59 during trading on Tuesday, hitting $7.07. The company had a trading volume of 67,658 shares, compared to its average volume of 318,566. The stock has a fifty day simple moving average of $7.64 and a two-hundred day simple moving average of $9.34. TrueBlue has a fifty-two week low of $6.97 and a fifty-two week high of $16.14. The firm has a market capitalization of $216.13 million, a price-to-earnings ratio of -1.99 and a beta of 1.49.

TrueBlue (NYSE:TBI) last posted its quarterly earnings results on Monday, November 4th. The business services provider reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.04. The firm had revenue of $382.36 million for the quarter, compared to analyst estimates of $386.07 million. TrueBlue had a negative net margin of 6.18% and a negative return on equity of 0.55%. TrueBlue’s quarterly revenue was down 19.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.16 earnings per share. On average, analysts anticipate that TrueBlue will post -0.65 earnings per share for the current year.

Institutional Investors Weigh In On TrueBlue

Several large investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC raised its stake in TrueBlue by 23.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 38,146 shares of the business services provider’s stock valued at $478,000 after acquiring an additional 7,327 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in TrueBlue by 41.8% during the 1st quarter. BNP Paribas Financial Markets now owns 82,337 shares of the business services provider’s stock valued at $1,031,000 after buying an additional 24,286 shares during the last quarter. Quantbot Technologies LP lifted its stake in shares of TrueBlue by 181.3% during the 1st quarter. Quantbot Technologies LP now owns 41,987 shares of the business services provider’s stock worth $526,000 after purchasing an additional 27,060 shares during the period. Empowered Funds LLC lifted its stake in shares of TrueBlue by 8.2% during the 1st quarter. Empowered Funds LLC now owns 113,348 shares of the business services provider’s stock worth $1,419,000 after purchasing an additional 8,565 shares during the period. Finally, State Board of Administration of Florida Retirement System purchased a new position in shares of TrueBlue during the 1st quarter worth $192,000. 97.15% of the stock is owned by hedge funds and other institutional investors.

About TrueBlue

TrueBlue, Inc, together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, the United Kingdom, Australia, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The company PeopleReady segment provides general, industrial, and skilled trade contingent staffing services for construction, transportation, manufacturing, retail, hospitality, and renewable energy industries.